新华社英文版评论:中国对激进货币宽松说“不”

新华社英文网站在其最新的评论指出，中国不会采取激进的货币宽松政策，直到经济出现实质性的改变。激进的存款准备金率宽松和降息不仅会引起流动性过剩，也会抑制中国减少产能过剩和刺破资产泡沫的努力。

-中国央行通过公开市场操作调整了流动性，其使用的工具包括逆回购和其它几个贷款渠道。迄今为止，这些措施在保证足够货币供应和维护稳定利率方面起到了效果。积极的财政政策和稳健的货币政策也促进了中国经济的增长。因此，中国没有理由改变当前的货币政策方向。

以下是英文原文：

AbankstaffmemberchecksRMBbanknotesatabankinLianyungang,eastChina'sJiangsuProvince,Jan.7,2016.(Xinhuafilephoto/SiWei)

byXinhuawriterLiuXinyong

BEIJING,Aug.10(Xinhua)--Despitehavingarangeofmonetaryleversatitsdisposal,China'scentralbankistakingacarefulandconsideredapproachtousingthem.

Sincethebeginningoftheyear,thePeople'sBankofChina(PBOC),thecountry'scentralbank,hasloweredthereserverequirementratio(RRR)justonce,comparedwithfiveRRRcutsandfiveinterestratecutsin2015.

MarketanticipationformorecutsisrisingasmoderateconsumerinflationinJulyofferedsufficientroomforsuchmaneuvers,especiallyaftertheBankofEnglandslasheditsinterestratestoarecordlowlastweek.

Thosehopingforcuts,however,willprobablybedisappointed.

ThePBOCisunlikelytoresorttofrequentRRRandinterestratecutsinthesecondhalfoftheyearasithasconsistentlyreiteratedtheneedforprudentmonetarypolicytocreateaneutralmonetaryenvironment.

Itisalsofullyawareofthenegativeeffectsofsuchmoves,associatingrepeatedRRRcutswithaneasingofmonetarypolicy,fallinginterestratesanddepreciationpressureofRenminbi,theChinesecurrencyortheyuan.

Theyuan'scentralparityrateagainsttheU.S.dollarhasweakenedbymorethan2percentthisyear,andfurtherdepreciationpressuresstillexist,partlyduetothestrengthofthedollarafterBrexit.

Insteadofdirectlyincreasingliquidity,thePBOChasadjustedliquiditythroughopenmarketoperations,withtoolsincludingreversereposandseveraltypesoflendingfacilities.

Sofar,thesemeasureshaveprovedeffectiveinensuringasufficientmoneysupply,maintainingsteadyinterestratesandsustainingsoundeconomicgrowth.

China'smixofproactivefiscalpolicyandprudentmonetarypolicycontributedto6.7percentyear-on-yearGDPgrowthinthesecondquarter,thelowestgrowthratesinceearly2009butstilltheenvyofmanycountries.

ThequalityofChina'seconomicgrowthisalsoimproving,withrapidgrowthintheservicesector,growthinconsumption,encouragingdataonnewcompanyregistration,andaboominghigh-techsector.

Withthenewchanges,itisfairtosaythatChina'smacroeconomicpoliciesarehavingthedesiredeffectandthatthecountryshouldensurepolicycontinuityandstability.

AggressiveeasingoftheRRRandinterestratecutswillnotonlycauseexcessiveliquiditybutalsodampenChina'seffortstoreduceovercapacityandsqueezeoutassetbubbles.

Withcurrentpracticesprovingeffective,thereisnoreasonforthePBOCtochangecourse.

Accordingly,itisunlikelythatChinawillresorttoanyaggressiveeasingofmonetarypolicyuntiltherearesubstantialchangesintheeconomy.